Nigerian Exchange Limited (NGX) don suspend eight companies wey dey listed on di stock exchange from trading because dem no submit their audited financial reports for 2023 on time. Dis na according to market document wey dem release on Monday.
Di suspension go dey until di companies submit their report. Some of di affected companies na Unity Bank, C & I Leasing, Secure Electronic Technology, Guinea Insurance, NPF Microfinance Bank and Regency Alliance Insurance.
Unity Bank na di only bank wey dey listed wey never submit dia report. Di government agency wey get ogbonge stake for di bank, Asset Management Corporation of Nigeria (AMCON), dey aware of di situation.
NGX tok say if any company no submit their report on time, dem go suspend di company from trading. Dem also get responsibility to inform di regulatory body, Securities and Exchange Commission (SEC), about di suspension.
One of di affected companies, Regency Alliance Insurance, explain say dem dey face problem with changing their reporting standard from IFRS4 to IFRS 17. Because of dis, dem no fit submit their report on time. Dem promise say dem go submit both dia 2023 audited financials and first quarter 2024 report by August 15th.
Source: Prime 9ja Online Pidgin: NGX Suspend Eight Companies Wey No Submit Report